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House Bill 1646


House Bill 1646

ARCHIVE (2003)

Latest Information

 

DIGEST OF INTRODUCED BILL


Enhanced EDGE credits. Allows a county that imposes the county economic development income tax (CEDIT) to adopt the following ordinances to increase the amount of an economic development for a growing economy (EDGE) tax credit received by an eligible taxpayer in the county by authorizing the department of state revenue to retain part of the county's CEDIT revenues to increase the available EDGE credit: (1) An ordinance to provide CEDIT revenues in an amount equal to a specified percentage of the taxpayer's payroll for the county. (2) An ordinance to provide CEDIT revenues in an amount equal to the total tax rate for all local income taxes imposed by the county at the time the ordinance is adopted, multiplied by the taxpayer's payroll for all employees subject to the county's local income taxes. (3) An ordinance authorizing the county to enter into a multicounty agreement in which each nonhost county agrees to provide CEDIT revenues on behalf of its residents who are employees of the taxpayer in an EDGE project in the host county, in an amount equal to the local income taxes imposed by the host county, at the rates in effect at the time the agreement is executed, that would otherwise be withheld by the employer on behalf of those employees if the nonhost taxpayer did not impose one or more local taxes. Provides that a multicounty agreement may provide CEDIT revenues for current or future EDGE projects in the participating counties. Prohibits a county from rescinding the county economic development income tax or decreasing the rate of the tax if the county has adopted an ordinance to increase available EDGE credits. Prohibits a county from adopting an ordinance to increase an EDGE credit with county CEDIT revenues if doing so
Current Status:
 In Committee - first House
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